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Im not convinced. The articles states that after the Bernanke testimony, the crisis deepened........and consequently policy makers made the situation worse.
Mar 28 18:17 pm
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All Comments by ANTS »Book Review: Getting Off Track by John B. Taylor [View article]
The situation worsened, but how are we to know that they made it worse. It is possible that the finance industry became aware of the full depth of the problem after the policy makers disclosed it. Transparency has been an issue in all of these goings on.
To blame policy makers for making it worse, one must show that doing nothing would have made it better. I dont know, but I suspect that doing nothing would have had some pretty bad consequences with counter party failures all over the place.